As part of government’s larger efforts towards Digital India, NPCI had introduced the system of United Payments Interface (UPI) for digital payments in the country. The new UPI transaction system has made the process of direct transaction to (or from) the bank accounts much easier and more convenient. Moreover, it also played a significant role in changing the general perception of fear and security concerns around online transactions in the country. Notably, the UPI transactions in India crossed 1 billion in October last year. Often termed as the UPI wars, emergence of new online payment services apps, respective security features and risks, and their intense competition has become a constant topic of discussion. While a few businesses and individuals choose to have accounts on all platforms, most continue to pick one and stick with it for over long periods, thereby sparking interest in their digital battles.
What is more secure: Google Pay, Paytm, PhonePe?
Experts suggest that all the three digital transaction apps,more or less, are equally secure. While the Google’s brand image definitely does some good to Google Pay, Paytm and PhonePe continue to be an easy pick for others due to their many features. Notably, all three apps also have similar ratings on the Google Play Store and Apple App Store.
User Ratings on App Stores
However, Google Pay has long been leading in the UPI transactions while Paytm is usually more advisable for merchant payments. It seems a close battle between Google Pay and Paytm for digital transaction users. On the other hand, PhonePe grabbed the headlines in January for its unique feature of PhonePe ATM that allows users to withdraw cash. As per a Razorpay report’s, Google Pay had accounted for nearly 59.75percent of all UPI transactions in August 2019. PhonePe had accounted for 24.91 percent while Paytm had accounted for only 5.93percent of all UPI transactions in the months. Moreover, the recent data by Bernstein for the month of May 2020 reveals similar positions of the three apps. While Google Pay recorded 75 million transacting users, PhonePerecorded 60 million and Paytmrecorded 30 million users. However, Paytm’s popular mobile wallet and other features easily beat the two for non-UPI payments. Furthermore, its large merchant user base is it’s another important strength. Paytm dominates and accounts for more than 50percent of all mobile payments made to merchants in the Indian market.
Paytm vs Google Pay vs PhonePe: Who wins?
It would be safe to conclude Google Pay easily leads the UPI transactions while Paytm takes the leap in other payments. Moreover, PhonePe remains a number two, but a significant player impacting the industry dynamics. Do share your thoughts on this mobile payment battles between Paytm vs Google Pay and PhonePe in the comments below. You can also connect with us through our social media channels and write to us at editorial@techthirsty.com.
